The latest tap-and-pay technology revealed

From banking rings to new codes you can use in shops, the latest ways to pay are utilising the best technology out there to make your life easier! 

There used to be a time when the only way to pay for something was having hard cash in your wallet. But as technology has advanced, many of us have ditched notes and coins altogether.

And now it seems even credit or debit cards are on the out — with new high-tech smart rings, coffee cups and fitness bands indicating that we’re finding more and more tech-savvy ways to avoid fumbling in our wallets when we reach the front of any queue.

Earlier in February, Bankwest launched a $39 bank ring — but it seems that’s just the beginning of a new payment revolution. TODAY chatted to tech expert Trevor Long for more details on the newest ways to pay.

TODAY: So how does the payment ring work?

TREVOR:  Bankwest have launched a $39 Halo ring. It looks like normal jewellery, but you can only get it in black or white at the moment — there’s no gold or rose gold! In it is tap-and-go technology. Essentially you can wear it to the beach or to a coffee shop and you just tap your hand to pay. It’s also covered by Mastercard’s 24/7 fraud protection and doesn’t need washing.

TODAY: But that’s not all. Can you take us through the many other options for payment that are now available?

TREVOR: There are a huge number of ways to pay on the go, many more than you’d realise. Firstly there’s the Westpac Paywear — which is a chip that has all your Westpac account details on it and can be inserted into a silicon band, then you have Garmin watches and Fitbits, as well as Apple Watches with Apple Pay that are easy and convenient options to tap and pay. Don’t forget that if you don’t own one of these, you can still use Apple Pay on your iPhone. Or if you have a Samsung phone, there’s now Samsung Pay, which allows you to pay with your smartphone. Finally, you can now even buy a Frank Green Next Generation Visa payWave SmartCup — a reusable coffee cup that lets you tap and pay for purchases under $50.

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TODAY: With all this new technology, how much longer will we need our wallets?

From my point of view, we won’t need our wallets in 18 months. The only thing I carry with me at the moment is my driver’s licence and my transport card. But driver’s licences are going digital in some states and transport cards will soon be replaced with the type of tap-and-go technology on our phones. Soon everything — and that includes loyalty cards and transport cards — will be replaced so we won’t need wallets at all.

TODAY: Finally, there’s a new way to make payments between bank accounts even quicker isn’t there? 

There’s a new system out there called PayID – it’s been developed by Australian banks to provide Australians with a new, lightning-fast payment system allowing instant transfers between banks. You create a payment ID — using an email or a phone number — and you use this instead of your BSB and account number when you want to transfer or receive money. When you owe someone $20 or they owe you $1,000, you type in your payment ID — so your email or phone number — and the payment transfers immediately, instead of you having to wait several days between banks. It’s been rolled out this week by all the big banks except ANZ.